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Reading: Popular Altcoin Project Announces New Layer 2 Network Namechain: Costs to Drop by 99%!
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Deythere > News > News > Popular Altcoin Project Announces New Layer 2 Network Namechain: Costs to Drop by 99%!
News

Popular Altcoin Project Announces New Layer 2 Network Namechain: Costs to Drop by 99%!

around the announcement of a new Layer 2 network featuring symbols like interconnected digital nodes blockchain layers and netw
Milena Volodina
Last updated: November 11, 2024 11:59 am
By
Milena Volodina
Published November 11, 2024
2 Min Read
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ENS Labs, the team behind the Ethereum Name Service (ENS), has unveiled its latest project, a Layer 2 network called Namechain. Designed to provide cost-effective, decentralized naming services, Namechain promises a 99% reduction in transaction costs while maintaining Ethereum’s robust security.

Contents
  • Efficient and Secure Transactions on Namechain
  • ENS’s Vision for the Future

Efficient and Secure Transactions on Namechain

ENS Labs co-founder Jeff Lau introduced Namechain at the “frENSday” event in Bangkok, explaining that unlike other Layer 2 rollups, ENS is uniquely positioned to focus on specific features thanks to its established user base. Namechain is expected to launch in late 2025 and will operate on zero-knowledge proof technology, enabling transactions outside the Ethereum mainnet with significantly lower costs. According to Lau, Namechain will be “Layer 2 independent,” allowing users to access ENS services from their preferred Layer 2 networks seamlessly.

One of Namechain’s standout features is Layer 2-to-Layer 2 bridging, allowing users to conduct cross-layer transactions and make payments through any Layer 2 network of their choice. Lau emphasized that the architecture’s control over protocol management will enhance the user experience, creating an efficient infrastructure that prioritizes decentralization and security.

the new Layer 2 network Namechain by ENS Labs designed for efficient and low cost transactions. The image features the Et

ENS’s Vision for the Future

As part of ENS Labs’ roadmap, Namechain will prioritize quick transaction finality, open-source accessibility, and the preservation of ENS’s decentralized structure. The launch will further ENS Labs’ goal to offer more affordable and accessible naming services by 2025, supporting the evolution of the ENS ecosystem. Namechain was developed as part of the “ENSv2” protocol, introduced in May 2023, aimed at making ENS services more flexible and affordable across Ethereum Layer 2 networks.

ENS Labs has reportedly secured partnerships for Namechain’s Layer 2 integration, though details remain under wraps. In September, ENS announced the integration of ENS services with Paypal and Venmo, highlighting growing institutional interest. ENS Labs revealed that there are currently over 2 million ENS registrations on-chain and more than 4 million names registered off-chain, showcasing ENS’s expanding adoption.

ENS Labs, Ethereum Name Service, Layer 2 network, Namechain, zero-knowledge proof

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ByMilena Volodina
Milena Volodina is a blockchain strategist and cryptocurrency expert with 9 years of experience in the industry. With a background in finance and technology, Milena has worked on numerous blockchain projects, including the development of decentralized finance (DeFi) platforms and blockchain-based financial services. Her expertise in both the technical and financial aspects of blockchain technology allows her to provide a comprehensive view of the industry. At DT NEWS, Milena offers readers expert analysis and insights into the latest trends and innovations in the blockchain and cryptocurrency world, ensuring they stay informed about key developments.
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